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FloodSmart Re bonds recovered by a few points in October after initial steep write-downs following Ian. -
Around $100mn of the facility was funded at close, with the remaining funds available in two tranches as the company reaches certain agreed-upon milestones.
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The two Lloyd’s players are the first to bring sidecars to market as they seek to capitalise on surging projected returns.
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The major ILS investor described 2023 opportunities as attractive but said they were set to get more selective in the industry.
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The broker is looking to solve the severe capacity crunch for its clients as rising demand meets falling supply.
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The two ILS firms were among those participating in a $20mn fundraise for Elpha Secure Technology.
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With an industry loss of less than $30bn, the cat bond segment can “shrug it off”, but a $50bn-plus loss would have major impacts, speakers suggested.
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Amid a wide range of industry loss estimates, it is clear that ILS trapped capital will be a major issue for 2023 with back-of-the-envelope calculations suggesting at least double-digit billions held.
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The storm’s likely quantum is still highly contested, but all scenarios are challenging for Florida homeowners and cat treaty writers.
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Reinsurers are better positioned to face this storm from a financial point of view – to Florida state’s detriment – but how capital providers will react to a loss is the wildcard.
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Some are suggesting a rotation of the investor base may be underway, with a move back towards more opportunistic funds.
